Whether the U.S. economy is slowing or humming, government officials, public policy analysts, and average Americans should know exactly how our government functions from an economic perspective. How does the government raise revenues, spend taxpayer money, and cover deficits? Unfortunately, many Americans do not fully understand key economic terms and basic facts about the fiscal performance of the federal government. This book provides readers with a straightforward discussion of key economic terms and details the fiscal performance of the federal government under the last five presidents.
Readers will have a better understanding of gross domessic product (GDP), The national debt, foreign-held debt, the federal budget (including deficits and surpluses), trade deficits, inflation, and unemployment. Government statistics will be cited and illustrated in easy to understand graphs and charts so that readers can track the changes over time, as well as compare and contrast economic performance during the presidential administrations from President Jimmy Carter to President George W. Bush.
With the long-term structural deficits that are now in place, and growing financial strains that popular entitlement programs such as social Security and Medicare will put on our economy, it is critical that government officials and policy makers understand the fiscal environment in which we now find ourselves as a country. The implications of policy proposals and decisions made by the federal government today will effect generations of Americans. This book serves as a reference guide or primer for those who want to better understand the economics of the federal government.